Energy bills - latest: Cost of business support 'could reach £48billion'

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Rees-Mogg hints schools and hospitals could get help with energy bills beyond six months

Businesses will have their energy bills capped for six months starting in October, Liz Truss has announced , in a major intervention to keep the economy afloat during the cost of living crisis.

The government has announced that i l will cover nearly half of the cost of business bills with a 'wholesale price supported this', in a move Chancellor Kwasi Kwarteng said it would 'stop businesses from collapsing, protect jobs and limit l 'inflation'.

Businesses reacted with relief on Wednesday morning to the package, which analysts said could cost taxpayers between £22bn and £48bn.

< p>But Britain's Chambers of Commerce have warned that six months of support 'isn't enough to make plans for the future' as many business groups have voiced fears of a 'cliff edge' in the future. April is approaching.

However, Ms Truss - who was in New York for the UN summit - promised that her government would "ensure that the most vulnerable businesses like pubs, like stores, continue to be supported" beyond the initial six-month period.

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Speaking later on Wednesday, Business Secretary Jacob Rees-Mogg hinted that support for schools, hospitals and nursing homes could remain in place in 12 months.

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Andy GregorySeptember 21, 2022 3:51 PM